Futures close week broadly higher

MikeMaynard

WASHINGTON (CBS.MW) -- Energy futures held the line on most early gains Friday; only the natural gas contract finished lower -- and sharply so.

Capping a volatile week on the New York Mercantile Exchange, the action in energy contracts primarily played off fresh data points that paint a picture of continuing improvement in the U.S. economy.

Crude for December delivery closed at $31.57 a barrel, up 7 cents. The benchmark contract added nearly 0.5 percent on the week.

Ahead of a long holiday weekend, and with many motorists taking to the roads, unleaded gasoline attracted renewed attention.

October unleaded gasoline closed at 92.82 cents a gallon, up 1.01 cents. On the last day of trading in the September contract, unleaded closed at $1.093 a gallon, up 4.16 cents.

October heating oil rose 0.23 cent to 82.63 cents a gallon on Nymex. September heating oil added 0.99 cent to close at 81.87 cents a gallon.

However, October natural gas plummeted 21.3 cents to end at $4.731 per million British thermal units. Traders reacted to weather forecasts calling for milder temperatures next week in the Northeast and the Midwest.

Despite Friday's action, analysts at Fimat USA say the energy market is in an "overbought condition," which they attribute to speculation in the face of strong seasonal demand and tight fuel supplies.

Government and industry reports on the nation's energy supplies for the week ended Aug. 22 showed gasoline remaining tight, crude stocks rising more than the market had expected, heating oil and distillates experiencing a narrow buildup and natural gas in storage being replenished at a lower-than-expected pace.

At the same time, Fimat's Michael Fitzpatrick noted continuing fallout from sabotage-related supply disruptions in Iraq. Iraqi exports are currently running at 1.7 million barrels per day, or about 77 percent of the nation's pre-war export capacity.

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